JPMorgan Chase & Co. Lowers Stock Position in Raymond James Financial, Inc. (NYSE:RJF)

Key Points

• JPMorgan Chase & Co. has reduced its stake in Raymond James Financial by 10.3%, now owning 3,965,618 shares valued at approximately $550.86 million.
• Raymond James Financial reported earnings of $2.18 per share for the latest quarter, missing analysts' estimates by $0.18, although its revenue saw a year-over-year increase of 5.3%.
• A quarterly dividend of $0.50 was recently paid, representing an annualized yield of 1.2%, with a payout ratio of 19.61%.

JPMorgan Chase & Co. cut its stake in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 10.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,965,618 shares of the financial services provider's stock after selling 453,654 shares during the period. JPMorgan Chase & Co. owned 1.94% of Raymond James Financial worth $550,864,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Raymond James Financial in the 1st quarter worth approximately $25,000. Alpine Bank Wealth Management purchased a new position in Raymond James Financial during the 1st quarter worth approximately $27,000. Golden State Wealth Management LLC boosted its holdings in shares of Raymond James Financial by 164.0% in the 1st quarter. Golden State Wealth Management LLC now owns 198 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 123 shares during the last quarter. Olde Wealth Management LLC acquired a new stake in shares of Raymond James Financial in the first quarter worth $33,000. Finally, TCTC Holdings LLC increased its stake in shares of Raymond James Financial by 72.9% in the first quarter. TCTC Holdings LLC now owns 287 shares of the financial services provider's stock worth $40,000 after acquiring an additional 121 shares during the period. 83.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Raymond James Financial

In related news, insider Bella Loykhter Allaire sold 6,570 shares of the firm's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $146.61, for a total transaction of $963,227.70. Following the completion of the sale, the insider directly owned 74,586 shares in the company, valued at approximately $10,935,053.46. This trade represents a 8.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.54% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Citigroup reaffirmed an "outperform" rating on shares of Raymond James Financial in a report on Monday, July 14th. Morgan Stanley upped their target price on Raymond James Financial from $136.00 to $180.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 15th. JPMorgan Chase & Co. lifted their price target on Raymond James Financial from $151.00 to $172.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. JMP Securities upped their price objective on Raymond James Financial from $175.00 to $180.00 and gave the stock a "market outperform" rating in a research report on Monday, July 14th. Finally, Bank of America lowered Raymond James Financial from a "buy" rating to a "neutral" rating and set a $159.00 price objective on the stock. in a research report on Wednesday, April 30th. Nine analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Raymond James Financial presently has an average rating of "Hold" and a consensus price target of $163.80.

Raymond James Financial Price Performance

NYSE:RJF traded up $0.92 during trading hours on Thursday, reaching $164.76. 906,369 shares of the company were exchanged, compared to its average volume of 1,325,872. The stock's 50-day moving average is $157.46 and its 200-day moving average is $150.32. The firm has a market cap of $32.85 billion, a PE ratio of 16.15, a price-to-earnings-growth ratio of 1.38 and a beta of 1.05. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.33. Raymond James Financial, Inc. has a twelve month low of $113.91 and a twelve month high of $174.32.

Raymond James Financial (NYSE:RJF - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $2.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.36 by ($0.18). The business had revenue of $3.40 billion for the quarter, compared to analysts' expectations of $3.38 billion. Raymond James Financial had a net margin of 13.56% and a return on equity of 18.38%. The firm's revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the company posted $2.39 EPS. On average, sell-side analysts anticipate that Raymond James Financial, Inc. will post 11.17 earnings per share for the current fiscal year.

Raymond James Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Tuesday, July 1st. Raymond James Financial's payout ratio is currently 19.61%.

About Raymond James Financial

Raymond James Financial, Inc, a financial holding company, through its subsidiaries, engages in the underwriting, distribution, trading, and brokerage of equity and debt securities, and the sale of mutual funds and other investment products in the United States, Canada, Europe, and internationally. The company operates through Private Client Group, Capital Markets, Asset Management, RJ Bank, and Other segments.